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Technical analysis is an indicator that traders, especially those operating in the futures market, need to follow continuously in the cryptocurrency market. So what clues does technical analysis provide for Ethereum, which is currently trading at $2086? We will examine detailed graph analysis, important support and resistance levels.
Ethereum Graph Analysis
The rise in the ascending channel formation, which has been attracting attention on the daily chart of Ethereum, continues. The rise in the cryptocurrency market, which started with Bitcoin, shifted to altcoins as the momentum of Bitcoin’s rise slowed down. This situation became an important factor for Ethereum, the king of altcoins. In the coming period, the breakthrough of support or resistance will be of great importance for the direction of Ethereum, which has been confined to a narrow range in recent days.
The notable support levels on the daily chart of Ethereum are respectively $2025, $1962, and $1915. It will be crucial for the Ethereum price to lose momentum if the daily bar closes below the important $2025 level, which has been significant for the past three days.
The notable resistance levels that need to be followed on the daily chart of Ethereum are respectively $2128, $2197, and $2297. If the daily bar closes above the important $2128 level, it will enable Ethereum to gain upward momentum. However, the breakthrough of the $2297 level, along with the breakout of the formation resistance, can lead to the start of a significant rally.
ETH/BTC Graph Analysis
A noticeable rise is observed on the four-hour chart of the ETH/BTC pair. Accordingly, after reaching the level of 0.05144 for the fourth time on November 9, the parity level gained momentum following the Ethereum ETF news. The breakout of the EMA 200 (red line) level and its role as support for a while result in a positive period for the ETH/BTC pair.
The notable support levels that need to be followed in the ETH/BTC pair are respectively 0.05633, 0.05572, and 0.05489. In particular, the breakthrough of the 0.05489 level and the occurrence of a four-hour bar closing below this level can lead to a significant decline in the pair.
The important resistance levels that need to be considered in the ETH/BTC pair are respectively 0.05717, 0.05801, and 0.05867. The recent test of the 0.05801 level further highlights its importance.
